REG - Ajax Resources PLC - Option to acquire Minas La Escondida in Argentina

Ajax ResourcesAnnouncement

15/05/2025 14:30

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RNS Number : 8841I  Ajax Resources PLC  15 May 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

15 May 2025

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Option to acquire Minas La Escondida in Argentina

 

Ajax, the UK listed special purpose acquisition company with a focus on
natural resources [LSE: AJAX], is pleased to announce that it has formalised a
conditional option (the "Acquisition") to acquire Minas La Escondida ("La
Escondida" or the "Project"), a mining project located in the Province of
Jujuy, Argentina from a local investor.

 

Highlights

 

·      La Escondida is a mining project comprised of two licences: La
Escondida 1 and La Escondida 2, each holding mining rights for an area
covering 1,250 hectares, for a cumulative total area of 2,500 hectares.

·      It is contiguous to the conditionally acquired Eureka Project,
being located approximately 100 metres from Mina Eureka.

·      Shares the same geological prospectivity for Gold and Copper
production and mineralisation style as the Eureka Project, contributing
potentially sizeable additional resources.

·      Located in an area with historical production activities and an
established presence of material Gold and Copper resources.

·      Easy access to the Project via good quality asphalt and gravel
roads.

·      The Option is binding on the Vendor subject to Ajax having
completed, at its sole discretion, a satisfactory legal, technical and
geological due diligence.

·      The Option has a duration of 45 days.

·      The Option is for a total cash consideration of US$80,000.

 

 

 

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

 

"We are pleased to have agreed terms to acquire La Escondida, a mining project
located in the immediate vicinity to the Eureka Project in an area with an
established history of hosting Copper and Gold in material quantities.

 

The timing of the Acquisition, prior to the realization of the Eureka Project
potential, is strategic and has the objective of adding sizeable additional
resources to the Eureka Project.

 

It is our belief that Eureka, and by extension La Escondida, have significant
value. The current price of Gold and Copper further reinforces our intent to
commence development activities with momentum.

 

I look forward to updating shareholders once we conclude our diligence and, if
satisfactory, exercise the option to acquire La Escondida."

 

 

 

 

 

- ENDS -

 

 

 

 

 

 

 

For further information:

 

 Ajax Resources Plc                           Tel: + 44 (0) 208 146 6345

 Ippolito Cattaneo, Chief Executive Officer   info@ajaxresources.com
 Allenby Capital Limited (Financial Adviser)  Tel: + 44 (0) 203 328 5656

 Nick Harriss / Daniel Dearden-Williams       n.harriss@allenbycapital.com

                                              d.dearden-williams@allenbycapital.com

 

 

 

 

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